Agenda Item Title:
Authorize Mayor and Finance Officer to Sign Contract for Construction of Public Improvements Through Private Developer Tax Increment District Number Eighty Between The North Atlantic Developers, LLC and the City of Rapid City
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
03/14/2018
City Council Hearing Date:
03/19/2018
Staff Contact:
Carla Cushman, Pauline Sumption
Agenda Item Summary:
In December 2017, Council created Promise Road Tax Increment District and approved a Project Plan for the TIF. This agreement clarifies the project costs for the TIF, establishes the conditions under which the Developer may be reimbursed from the proceeds of the TIF for the cost of the public improvements identified in the approved Project Plan, and sets forth the procedures by which the Developer may assign its right to TIF proceeds in order to secure private financing for the improvements.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| All payments to be made to the Developer pursuant to this Agreement will be paid out of the Tax Increment District Eighty Fund. | |
Recommendations:
Origination Recommendation Action:
Approve